Curaleaf Holdings Inc. Executive Chairman Boris Jordan and other cannabis executives on Friday praised Germany’s removal of cannabis from a list of narcotics as a potential boost to the marijuana business, as stocks in the sector rose. The comments came after German lawmakers paved the way for the creation of nonprofit “cannabis clubs” for the purchase of cannabis by adults 18 and older, with restrictions on advertising and promotion.
As a compromise, the law stopped short of sanctioning commercial cannabis sales. Under the law approved by the Bundestag, Germany’s parliament, starting April 1 adults will be allowed to grow and possess limited quantities of cannabis for personal consumption. Non-commercial cultivation clubs will be legal starting on July 1. Curaleaf
CURLF,
+3.33%
ranks as the largest U.S. cannabis company by market capitalization, and has a presence in Germany through its acquisition of a majority stake in Four 20 Pharma for about $20 million in 2022. “Today’s development represents a significant first step towards broader legalization in Europe’s biggest economy, and the potential domino effect this may have on other European markets is not to be underestimated,” Curaleaf’s Jordan said in a statement emailed to MarketWatch. Curaleaf’s stock rose 3.1% on Friday, while the AdvisorShares Pure US Cannabis ETF
MSOS
advanced 3.3%. Other cannabis stocks from U.S. companies with little or no direct exposure to Germany also moved up. Trulieve Cannabis Corp.
TCNNF,
+10. …
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As a compromise, the law stopped short of sanctioning commercial cannabis sales. Under the law approved by the Bundestag, Germany’s parliament, starting April 1 adults will be allowed to grow and possess limited quantities of cannabis for personal consumption. Non-commercial cultivation clubs will be legal starting on July 1. Curaleaf
CURLF,
+3.33%
ranks as the largest U.S. cannabis company by market capitalization, and has a presence in Germany through its acquisition of a majority stake in Four 20 Pharma for about $20 million in 2022. “Today’s development represents a significant first step towards broader legalization in Europe’s biggest economy, and the potential domino effect this may have on other European markets is not to be underestimated,” Curaleaf’s Jordan said in a statement emailed to MarketWatch. Curaleaf’s stock rose 3.1% on Friday, while the AdvisorShares Pure US Cannabis ETF
MSOS
advanced 3.3%. Other cannabis stocks from U.S. companies with little or no direct exposure to Germany also moved up. Trulieve Cannabis Corp.
TCNNF,
+10. …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]